The last annual report of the New York Superintendent of Insurance for the year 2010 was 235 pages long. The first annual report by the newly created Department of Financial Services for 2011 was just 118 pages and covered both the banking and insurance departments. The 2012 annual report, released on June 15, 2013, was […]
Edward Stone is quoted in this article by Gail Liberman and Alan Lavine that appeared in the Wall Street Journal’s Market Watch on May 17, 2103. ” The article points out that benefit payouts on annuities are guaranteed by state insurance guaranty associations where the coverage limits vary by state from a low of $100,000 […]
An NBC reporter for a Miami affiliate, Willard Shepard, did an in-depth interview with two Executive Life (ELNY) annuitants, or shortfall payees that aired in South Florida on May 15th. The investigative interview can be viewed online along with the companion article. The interview highlights the many issues facing those annuitants whose benefits will […]
LifeHealthPro has reported that the Executive Life (ELNY) liquidation is expected to be implemented in the third quarter of this year, and could be as early as August. The article did not specify an effective date for the payment reductions, so those annuitants expecting cuts are still in the dark. The looming cuts will cause […]
Despite our best efforts, the New York Court of Appeals denied our motion for leave to appeal the Appellate Division decision and will not hear our case on the merits. We expect that the Restructuring Plan will be signed shortly and benefit reductions will start soon after that. As difficult as it may be to […]
2013 Annual NASP Conference Eddie Stone will be speaking at the 2013 Annual NASP Conference being held in Las Vegas from November 5-8, 2013. Conference registration began on April 15, 2013. More information on the conference is available here.
A federal court in Dallas, Texas has certified a class action on behalf of Verizon pension beneficiaries, permitting 41,000 retirees to sue as a group over the transfer of their pension benefits to Prudential Insurance Company of America.
Edward Stone testified at a public hearing in support of HB 6148 before the Connecticut Labor and Public Employees Committee . The proposed legislation seeks protections for retirees in pension de-risking transactions.
The February 18, 2013 edition of the Insurance Advocate, an insurance industry publication serving New York, New Jersey, Connecticut, Pennsylvania and Washington, D.C. ran a column by Peter Bickford entitled “Ongoing ELNY Debacle Exposes Serious Problems”, with a Guest Opinion “ELNY Decision Unjust to Victims” by Edward S. Stone, Esq. In his Foreward to that […]
Verizon Retirees Sue to Block Pension-Risk Transfer – Verizon’s transfer of its pension obligations to 41,000 retirees to Prudential stripped the retirees of the protections afforded them under ERISA and the Pension Benefit Guaranty Corporation (PBGC).